Lounge, also the Managing Director of AIICO Pension, spoke in Calabar, the Cross River State capital.

He said the recession had, however, slightly affected contributions from employers.

He said based on the slight drop in contribution, making good returns on investment had been a major challenge for the PFAs.

He said: “Contribution has gone down slightly and return on investment has also being a challenge for the PFAs. But we are doing our best to generate return in the asset classes that we are able to put money into while we look to diversify as we go on.

“Recession is not a cause as some people see it. It is simply to make us realise as a country that we are not doing the right thing. If we have the mentality and discipline to get the right thing done, the country will grow better. As PFAs, this is the attitude we are using on investment portfolios.

“It may not be brilliant but we are on top of the situation and we are looking to diversify as much as we can. When we do this, return on investment of contributors and retirees of the Contributory Pension Scheme (CPS) will be huge,” he added.